Asseco South Eastern Europe (ASE) Q3 2026 earnings summary

Executive summary

• Q3 EBIT rose 77% reported and 4% excluding prior-year India and Dubai one-offs; Payments drove improvement after slower H1.

• 9M no-hyperinflation revenue grew 5% to €311.7m and EBIT rose 38% to €48.0m; reported PLN revenue increased 7% and operating profit 41%.

• Strong operating cash generation supported liquidity, while Dedicated Solutions profitability weakened.

Financial highlights

• Q3 no-hyperinflation revenue was €108.7m (+7%); one-off-adjusted growth was 3%. Adjusted EBIT grew 4% and NPAT 9%.

• Reported Q3 EBITDA was €25.4m (+34%), EBIT €19.1m (+77%) and NPAT €14.4m (+74%).

• Q1–3 non-IFRS EBIT was €51.9m (+29%) and non-IFRS NPAT €35.3m (+22%).

• 9M net profit rose 11%, below operating profit growth, partly due to €4.5m higher minority-dividend costs.

• Q3 financial activity improved €1.7m YoY, including a €3.8m positive effect from lower put-liability revaluation costs.

Outlook and guidance

• Q4 backlog was down 7% in revenue and 3% at Margin I level; 2026F backlog was up 2% in revenue and 4% at Margin I.

• Payten Q4 backlog rose 8% in revenue and 9% at Margin I; Banking and Dedicated Solutions fell 12% and 13%, respectively.

• Banking and Dedicated Solutions comparisons reflect large prior-year Bosnia projects; excluding them, backlog was slightly higher. Management expressed optimism on Q4.

• Management said analyst consensus for FY results raised no concerns; near-term results depend on backlog, execution, new contracts and payment volumes.